The Institute of Cost & Works Accountants of India (ICWAI)

ICWAI Data
Status	Statutory Body Corporate responsible to regulate the Cost and Management Accountancy Profession in India.
Head Quarters	Kolkata, India
Regional Councils	New Delhi (Northern India),Chennai (Southern India),Mumbai (Western India), Kolkata (Eastern India)
President	CMA. G.N.Venkataraman
Membership	> 47,000
Students	> 2,00,000
Member's Designations	AICWA, FICWA & GRAD.CWA
www.icwai.org

The Institute of Cost and Works Accountants of India (ICWAI) is a statutory Professional body established on May 28,1959 under the Cost and Works Accountants Act, 1959 enacted by the Parliament of India to regulate the profession of Cost and Management Accountancy in India. The ICWAI is a Founder Member of International Federation of Accountants(IFAC), Confederation of Asian and Pacific Accountants(CAPA), South Asian Federation of Accountants(SAFA). . G.N. Venkataraman has been elected President for the year 2009-10. The main office is situated in Kolkata, and operates through four regional councils (Kolkata, Chennai, Delhi and Mumbai), and a number of chapters elsewhere in India and abroad.

Contents 1 Certification 1.1 International Recognition 1.2 Representations in Boards 1.3 Membership examinations 1.4 Certified Accounting Technician Course 1.5 Courses for Qualified Members of ICWAI 2 Standards and guidelines 3 Official Organ 4 Proposal of Change of Name 5 Student organization 6 References 7 External links

[edit] Certification

[edit] International Recognition

The international Chartered Institute of Management Accountants, (CIMA) and ICWAI allow mutual advanced entry for students into both of the accountancy bodies’ professional examinations. There are similar arrangments with the Institute of Management Accountants (IMA) in the United State, the ICPA in Australia the Institute of Internal Auditors(IIA), in the United States, and the The Association of Chartered Certified Accountants, Glasgow

[edit] Representations in Boards

1.Represented in the Accounting standards board of the ICAI.

2.Represented in the NACAS(National Advisory Committee on Accounting Standards).

3.Constituted Cost Accounting Standards Board.

[edit] Membership examinations

The ICWAI has three levels of exams for membership :

1. Foundation Course(One group with four papers)
2. Intermediate Course (Two groups of three papers each)
3. Final Course (Two groups of four papers each)

3 years of supervised practical training is also required.

[edit] Certified Accounting Technician Course

The Institute has also introduced the Certified Accounting Technician Course (CAT), a one year program with two levels: -Foundation Course (Entry Level) and Competency Level.

[edit] Courses for Qualified Members of ICWAI

Diploma in Management Accountancy ( Dip.ma)

[edit] Standards and guidelines

The Institute has issued 8 Cost Accounting Standards (CAS), and 4 Management Accounting Guidelines.

On December 1,2009 ^[1]The Ministry of Corporate Affairs of the Government of India has asked the Institute of Cost and Works Accountants of India (ICWAI) to prepare a cost accounting standard on climate change — the first of its kind globally.

[edit] Official Organ

The Management Accountant is the official organ of the Institute and one of the most valued professional journals in India in its field. It has an active circulation of around 30,000 copies per month, both among the students and members of the Institute and also institutional subscribers consisting of leading corporate houses, Universities and Institutes, professional and regulatory bodies in India and abroad. Two articles published in 1996-97 have ranked among the best 10 articles on Management Accounting published in the world by International Federation Of Accountants.

[edit] Proposal of Change of Name

The Institute's proposal for a Change of name to "The Indian Institute of Cost & Management Accountants" (IICMA) was accepted in principle by the government in 2009. ^[2]

[edit] Student organization

Students of the institute are organized in the FESCA (Forum for Elite Students of Cost Accounting), founded in 1996 , and SAMA (Students' Association of Management Accountants). founded in 2008 .

[edit] References

[edit] External links

• ICWAI